Tesla Bull Cathie Wood recently added 130,000 shares of TSLA to three of ARK Invest’s ETFs. 89,447 TSLA shares were purchased by the ARK Innovation ETF, while the ARK Next Generation Internet ETF added 29,508 Tesla shares and 13,173 shares were added by the ARK Autonomous Technology and Robotics ETF.
Founder, CEO, and CIO of the asset-management company Cathie Wood explained that ARK’s confidence in Tesla has increased as it does more research.
“As we’ve done research on what ride-sharing potentially could add…It could limit the risk significantly. It’s a much more profitable business than electric vehicles,” she told Bob Pisani during an interview on ETF Edge.
ARK estimated in its Big Ideas 2021 report that Elon Musk’s Robotaxi fleet could produce annual operating earnings of more than $1 trillion by 2030. The development of the Robotaxi fleet and its Autopilot and FSD applications is at the heart of Tesla’s autonomous strategy. Late last year, the EV automaker released its Full Self-Driving beta, which is capable of driving on inner-city streets.
FSD beta testers have been very outspoken about their software experiences, frequently mentioning that within short periods they see rapid changes. There is some momentum for the company to launch its ride-hailing service with drivers behind the wheel, while Tesla has made considerable strides forward with its FSD beta.
“Even though there is some debate at Tesla whether or not they should launch a human-driven ride-hailing network, it would be a very good bridge we think to their autonomous strategy, and we think they will decide to do that,” Wood’s said, sharing some of ARK’s general thoughts on the topic. Some Tesla owners seem to be in agreement with the views of ARK Invests on the Robotaxi fleet.
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